The real estate market in Gurugram, in the Delhi-NCR, has witnessed significant changes over the past few years. With the prime areas reaching saturation, in terms of occupancy and prices, Gurugram may also see the emergence of newer areas. According to Santhosh Kumar, vice-chairman of ANAROCK Property Consultants, Gurugram’s property market is expected to head northwards in 2018, as the dust settles on new policies like the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST).
“Increased commercial activity in 2017, coupled with several infrastructure upgrades, like the widening of NH-8 and the expansion of Sohna Road and the rapid metro, bode well for the realty sector in the city. In 2017, the state government also reduced the circle rates in most localities, paving the way for developers to eventually clear their unsold stock of ready-to-move-in apartments,” Kumar explains.
Gurugram’s property micro-markets that are likely to witness maximum activity in 2018
(Inputs provided by ANAROCK Property Consultants)
Sohna: Popularly known as ‘south Gurugram’, Sohna has emerged as a favourable affordable destination in the city, due to its proximity to various business centres and industrial clusters. Backed by well-planned infrastructure, Sohna witnessed healthy real estate activity since January 2017, with a new supply of nearly 4,600 units. Nearly 50 per cent of this new supply catered to the affordable housing segment (less than Rs 40 lakhs), followed by an equal mix of the mid (Rs 40-80 lakhs) and luxury (Rs 80 lakhs-1.5 crores) segments. Moreover, nearly 2,350 units will be ready for possession within the next one to two years. The weighted average price of properties during the period is Rs 4,370 per sq ft.
Sector 65: Proximity to key office spaces, easy accessibility to HUDA City metro station and well-developed social infrastructure, make Sector 65 a lucrative realty hotspot in Gurugram in 2018. Located on Golf Course Extension Road, Sector 65 saw launches of nearly 1,600 units since January 2017, with properties priced between Rs 6,900-10,000 per sq ft. All projects are large-sized (having more than 500 units) and will take more than three years to complete.
Sector 68: Considered as a preferred locality for both, commercial and residential developments, Sector 68 continues to lure builders and buyers alike. Good social infrastructure and connectivity via the Golf Course Extension Road and NH-248A give it an added advantage. As per data, the locality saw launches of nearly 1,500 units since January 2017, with completion of the projects scheduled within two to three years. The affordability factor makes this micro-market score over others. The weighted average price here is Rs 4,090 per sq ft.
Factors that could boost Gurugram’s realty market
Vineet Relia, managing director of SARE Homes, points out that Gurugram is one of the fastest emerging realty destinations in the National Capital region (NCR), having commercial, as well as residential properties.
“New Gurugram enjoys excellent connectivity through the National Highway-8, Dwarka Expressway (Northern Peripheral Road) and Kundli-Manesar-Palwal Expressway. This location is accessible from Indira Gandhi International (IGI) Airport, Sohna Road, Golf Course Road and Delhi. The city offers various property options at competitive prices and hence, can be considered as a vibrant realty destination. The shifting of the Kherki Daula toll to Manesar, will boost connectivity to the area.” With more office spaces coming up in the city, the demand for properties on rent and outright purchase, is expected to increase. The supply of new units may shrink, as the focus of builders will be on completing their projects on time.
However, with greater transparency and efficiency following the implementation of the RERA, ‘real’ buyers stand to gain.